The American Express® Premier Rewards Gold Card, a fancier version of the American Express Gold Card, will interest those of you who spend more than $30,000 a year and who like a rewards card that gives you up to 3 points for every $1 spent. This charge card has a slightly higher annual fee than the Gold Card, so you may be wondering if the Premier Rewards Gold Card is really worth the higher annual fee.
To help you decide that, I’ve done a detailed review of the American Express Premier Rewards Gold Card, one of American Express’ best credit cards in the U.S. offering rewards, and I will tell you if this card is better than the Gold Card for $50 more in annual fee.
Things We Like About This Card
Earn 25,000 Membership Rewards® points after spending $2,000 on purchases during the first three months of being a cardmember. This can be achieved if you spend around $680 a month. 25,000 points can be redeemed for up to $250 in gift cards.
No interest. Since this is a charge card, you need to pay in full every month, thus there is no need to pay any interest.
Earn 3 points for every $1 spent on flights booked with airlines when you pay with your card. Earn 2 points on every $1 spent on groceries at U.S. stand-alone supermarkets and gas at U.S. stand-alone gas stations. Note that points will only be earned on purchases from U.S. stand-alone supermarkets and U.S. stand-alone gas stations. Earn 1 point for every $1 when making other eligible purchases. With the American Express Gold Card, you only earn 1 point for every $1 spent on all purchases. When you access your account online you can use these points towards eligible charges.
Earn 15,000 bonus points yearly after spending $30,000 or more per calendar year. If you are a big spender, this is another way to earn 15,000 bonus points year after year. This is also another benefit you won’t find in the American Express Gold Card.
Redeem your points for a wide variety of rewards ranging from gift cards, merchandise to entertainment, dining or travel-related rewards such as air tickets. You can even transfer your points to over 20 frequent flyer programs if you have one. If you prefer to redeem for airfare, you can use Pay with Points at American Express Travel and fly with no blackout dates or seat restrictions.
You won’t accumulate debt or have to pay high interest rates and fees because since this is a charge card, you will have to pay off the balance in full each month.
Purchase Protection. This plan may protect you against any accidental damage or the theft of eligible purchases.
Free extended warranty. American Express may extend the original U.S. warranty of the items you purchase that have 5 years or less of warranty by up to one year.
$0 introductory annual fee for the first year. After that you will pay an annual fee of $175.
Return Protection. Got a change of mind with your purchase, and can’t return it because it was a final sale or the store is giving you a hard time? No worries! If you try to return an eligible item purchased in the U.S. within 90 days from the date of purchase and the store won’t take it back, the purchase price may be refunded by American Express, up to $300 per item, excluding shipping and handling, up to $1,000 annually per card account.
Baggage Insurance Plan covering carry-on and checked baggage when traveling by plane, train, ship, bus or helicopter and reimbursing you for qualifying claims of lost, stolen, or damaged baggage.
Our Least Favorite Things About This Card
$175 annual fee after the first year. This annual fee might work well for card members who spend at least $30k a year and fly frequently since you get much more points per dollar on airfares, groceries and gas compared to the American Express Gold Card.
If you have a low credit score, you might not qualify for this charge card. Since this is a charge card whereby the balance must be paid in full each month, only people with excellent credit score will be eligible to get this card.
If you are a big spender who spends at least $30,000 a year and would like to be rewarded for it, the American Express Premier Rewards Gold Card is one of my favorites. With a generous rewards system, this is one of the cards that offers more than 1 point per dollar. In our opinion, this is a much better rewards card than the American Express Gold Card even though you have to pay $50 more in annual fee (first year is waived).
Here’s an example why: Let’s say you spend at least $30,000 a year on the American Express Premier Rewards Gold Card, with 50% of the amount spent on groceries and gas (2 points for every $1), and the rest on ‘everyday’ purchases (1 point for every $1). That would earn you a total of 45,000 points (you’ll get even more points if you use your card to pay for airfare). Plus, you get an additional 15,000 bonus points every year if you spend at least $30,000 in a calendar year, so now you have a total of 60,000 points. With 60,000 points, you’ll have more than enough to redeem for an Economy Class round-trip air ticket to Europe on SWISS airline, which means you get a round-trip air ticket from the U.S. to Europe! 60,000 points could also be redeemed for other air tickets, or up to $600 in gift cards, or any other merchandise. And we’re not even including the 25,000 bonus points you could get after spending $2,000 during the first three months!
If we use the same example of spending on the Gold Card, you would only get a total of 30,000 points, which is insufficient for a round-trip air ticket from the U.S. to Europe, although you can use it to redeem for domestic air tickets or other types of rewards.
So for the same amount of spending, the American Express Premier Rewards Gold Card is a much better rewards card to get for a mere $50 more. Since this is a charge card from American Express, it won’t let you get into debt as the balance must be paid in full by the due date every month. Apply online now and you will get a response within minutes.
Click here to go to American Express’ official website to apply online for the American Express Premier Rewards Gold Card now.
Would you prefer an American Express card with no annual fee that gives you cash back on all your spending? Then apply for American Express Blue Cash Everyday® (read our Blue Cash Everyday® review), one of the best credit cards for cash rewards as it offers up to 3% cash back on everyday purchases, and a $50 bonus when spending a certain amount in the first few months. Cash back is given as Reward Dollars redeemable for statement credit. Blue Cash Everyday® even made it to DailyMarkets.com’s Best Credit Cards 2014 list.
Click here to go to the official American Express website to apply online for American Express Blue Cash Everyday® now.